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There are several SEC filings around the departure of the CEO in Sept 2019[1][2] that line up with with the timeline mentioned in this article. Here's the relev

There are several SEC filings around the departure of the CEO in Sept 2019[1][2] that line up with with the timeline mentioned in this article. Here's the relevant snippet from the 8-K: "On September 24, 2019, the Company and Mr. Wenig entered into a letter agreement regarding his departure (the “Wenig Letter”). Pursuant to the terms of the Wenig Letter, in exchange for his execution and non-revocation of a release of claims against the Company, the Company agreed to provide Mr. Wenig with (1) the payments required to be made to him under his letter agreement with the Company dated September 29, 2014 upon a termination without cause, which letter agreement was originally filed with..." The key bit is that the CEO stepping down triggered a severance agreement for termination without cause. This lines up with the reporting that he engaged in unethical behavior and had to be forced out. [1] https://www.sec.gov/ix?doc=/Archives/edgar/data/1065088/000119312519254832/d806459d8k.htm https://www.sec.gov/ix?doc=/Archives/edgar/data/1065088/0001... [2] https://www.sec.gov/Archives/edgar/data/1065088/000119312519254832/d806459dex101.htm https://www.sec.gov/Archives/edgar/data/1065088/000119312519...

mulmen 6y ago
I’m confused. How is unethical behavior not cause for termination? This reads like doublespeak.
- 0xEFF 6y ago
  They chose to pay his severance instead of disclosing they had an unethical CEO for 5 years.
- thaumasiotes 6y ago
  Most likely one of two ways: 1. His employment contract specifies what reasons may justify a "termination for cause", and this wasn't listed. (1a. eBay didn't want to have to prove that the conduct here met the definition of a specified "for cause" cause.) 2. eBay could have terminated him for cause, but intentionally terminated him for no cause instead in hopes of avoiding negative publicity.
  - NotSammyHagar 6y ago
    I bet it's number 2. Companies always try to hide this shit. Often the next one up as ceo is as ruthless as the last one.
- nknealk 6y ago
  Imagine if eBay said why the CEO was fired and then he turns around and starts telling the world where eBay’s bodies are buried. It’s less risky for the company to do it this way.

mulmen 6y ago

I’m confused. How is unethical behavior not cause for termination? This reads like doublespeak.

0xEFF 6y ago
They chose to pay his severance instead of disclosing they had an unethical CEO for 5 years.
thaumasiotes 6y ago
Most likely one of two ways: 1. His employment contract specifies what reasons may justify a "termination for cause", and this wasn't listed. (1a. eBay didn't want to have to prove that the conduct here met the definition of a specified "for cause" cause.) 2. eBay could have terminated him for cause, but intentionally terminated him for no cause instead in hopes of avoiding negative publicity.
- NotSammyHagar 6y ago
  I bet it's number 2. Companies always try to hide this shit. Often the next one up as ceo is as ruthless as the last one.
nknealk 6y ago
Imagine if eBay said why the CEO was fired and then he turns around and starts telling the world where eBay’s bodies are buried. It’s less risky for the company to do it this way.